Despite the lack of an organised cultural boycott of Israel over the Gaza conflict, the country’s live music business has taken a severe hit as artists pull out of scheduled shows. Billboard reports that cancellations are set to cost the country £12m in revenues.

Backstreet Boys, Neil Young & Crazy Horse, Brian Jonestown Massacre and America are among those to have cancelled Israeli shows, though many cancellations have been down to artists not wishing to place themselves in danger, rather than in protest at the Israeli action in Gaza.

Israeli promoter Carmi Wurtman told Billboard festivals had been hit, too, with police refusing to grant permits for outdoor gatherings. He added that insurance premiums had also increased. “Lloyd’s of London will sell it to you, but it’s so expensive it’s not worthwhile. There’s always a Russian roulette element to concert promotion, but this is like playing with two bullets.”

The £12m estimate came from another local promoter, Eran Arielli, with Wurtman saying £6m had already been lost owing to cancellations by international acts, though he said the total was “much, much more if you factor in the local event live business”.

Wurtman predicted the effects of cancellations would continue to be felt through to next year.